True, all depends on personal preferences. For me, the food and drinks would be of number one importance- drinks actually probably more important as I love my booze, especially on international legs
But of course, I value the space as well and more so even, the generally more personalised experience: A nice friendly greeting by name, a little chat with the crew here and there and so on- something most Qantas (and admittedly also Air NZ) crews are quite good with. Heck, in Business, even flights with the likes of LH or AF can turn from Economy hell into outright enjoyable experiences if you're lucky with your crew.
There also another huge factor for me which is rather personal: I'm a person who needs constant input and some Marvel movie on the IFE just doesn't cut it for me. So, in Economy (especially in an aisle seat where you can't see outside), I find the times before push back and then waiting for meals and so on just pure terror. Nothing to see really, nothing to do- awful. In Business, I usually nip on a glass of champagne, have a little chat with my flight attendant, then look outside and watch the aircraft being packed and so on- lovely, I don't even realise how quick the time moves on. Same on the flight itself, a nice 5 course meal with extensive wine selections and you're half through a flight up to Singapore or Bangkok. And you then get a proper bed for the rest.